XRP Price On Gemini Exchange Shoots $50 Amid Major Glitch

Some market analysts noted that a scanty order book and limited liquidity for XRP on Gemini could be the reason behind such huge variation.
By Bhushan Akolkar
Ripple XRP crypto news SEC appeal

On Thursday, August 10, crypto exchange Gemini finally decided to end the wait and relist the XRP token on its platform. The exchange has unveiled its endorsement for the XRP Ledger blockchain, making the Gemini API/FIX and ActiveTrader applications accessible for trading XRP/USD pairs.

However, it turns out that the XRP price on Gemini seems to be showing much higher than the actual traded value. Some users reported that within hours of listing XRP on Gemini, the price shot up as high as $50.

The glitch persists even as of writing this story with the XRP price trading at $.160, however, the actual price of XRP is somewhere around $0.63 levels.

Courtesy: Gemini

Some users tried to decipher what could be the reason behind such a price glitch. Certain analysts noted that this occurrence could stem from a scanty order book and limited liquidity, likely due to its recent listing. A particular observer even noted witnessing an instance where an individual set a sell order at $50, speculating that it might have been an inadvertent “fat-finger” market order placement at that value.

Gemini Exchange on Maintenance

While Gemini has yet to give any official explanation regarding the same, it has noted on its website that the exchange would undergo full-site maintenance as of Aug. 11, 1:25 am UTC.

““We are currently performing maintenance on the Gemini platform and so all services are currently unavailable. All customers assets and funds remain secure. We will provide updates here once we have more information to share,” it noted.

As of press time, the XRP price still continues to hover around $0.63 with a market cap of $33.5 billion. After the initial euphoria post the XRP lawsuit ruling, the XRP price seems to have lost steam and waiting for another catalyst for any upward price action.

While XRP investors are waiting on the sidelines for the price to reach $1, it’s difficult to reach here as far as Bitcoin consolidates.

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Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
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